Unipetrol announced that it values its 51% stake in Ceska rafinerska at USD 235m for the purpose of setting the IOC option exercise price. Note that the IOC consortium (ConocoPhillips, Shell and Agip) holds 49% in Craf and has an option to buy the majority stake if Unipetrol's majority owner changes. Unlike earlier reports, Unipetrol has yet to offer the stake, which is expected next week as the Unipetrol SB meets on the issue today, and the IOC members will then have two months to decide on the option.
We value Unipetrol's refinery assets at USD 252m. While the Unipetrol valuation of Craf is moderately below our estimate, it somewhat reduces the risks that are associated with a possible huge difference in valuation of Craf by Unipetrol and PKN, we believe.
As expected, the Unipetrol AGM approved zero dividends yesterday. Also, two representatives of PKN Orlen have been appointed as SB members.
Jan Hajek